S.4598

Authorizes trustee of trust to terminate service without filing formal accounting with court or obtaining release agreements from beneficiaries.

This bill authorizes the trustee of a trust, under certain circumstances, to terminate service without filing a formal accounting with the court or obtaining release agreements from beneficiaries. If no timely objections are raised or if objections are raised and subsequently resolved, the settlement of the trustee’s account will be deemed approved. If the trust is terminating or the trustee is ceasing to serve as trustee, any assets held in trust will, within a reasonable time, be distributed subject to payment of expenses.